[Ind AS & Schedule III Checklist] | Presentation of Non-current Loans, Debtors, Financial Assets & Other Assets
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
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- Last Updated on 8 May, 2023
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Ind AS Schedule III provides guidelines for the presentation and disclosure of financial statements of companies in India. In accordance with Ind AS Schedule III, companies are required to provide detailed information regarding their non-current trade receivable, loans, financial assets & other non-current assets in their financial statements. This information is crucial for investors and other stakeholders to assess the company’s financial performance and sustainability. Therefore, it is essential for companies to ensure compliance with the disclosure requirements related to non-current trade receivable, loans, financial assets & other non-current assets. In this regard, a checklist can be an effective tool to ensure that all the necessary information is provided in the financial statements. We have prepared a presentation and disclosure checklist covering the amendments made in Schedule III and providing general instruction for the proper presentation of non-current trade receivable, loans, financial assets & other non-current assets in the Financial Statements.
I. Whether the company has classified the Trade Receivables as considered good – secured; considered good – unsecured; trade receivables which have a significant increase in credit risk; trade receivables – credit impaired.
II. Has the company provided a separate disclosure for the allowance for bad and doubtful debts under the relevant heads in the financial statements.
III. Does the company disclose the allowance for bad and doubtful loans separately under the relevant heads in the financial statements.
IV. Does the company present only security deposits that meet the definition of financial assets as per Ind AS 109, Financial Instruments, under this category in the financial statements.
V. Are capital advances specifically disclosed under other non-current assets in the financial statements.
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